On 2 February 2017, Revenue published eBrief 12/17, which explains the updates introduced in the tax and duty manual regarding exchange of information requirements in respect of tax rulings. The key updates are following:
- Section 1 of the tax and duty manual has been updated to reflect the fact that the EU Directive has been transposed into Irish law.
- Paragraph 6 of section 2.1, which provided details in relation to the optional exception that applied to the look-back element of the EU Directive, has been deleted as it is not relevant.
- Section 3.1, paragraph 2, bullet point 3 has been updated to reflect the fact that unilateral downward adjustments made by taxpayers under informal capital contribution or excess profit regimes should not arise under Irish tax law.
- Sections 3.3 has been updated to reflect the fact that rulings were due to be exchanged under the look-back element of the OECD framework by 31 December 2016 and section 4.3 has been updated to reflect the fact that Revenue has exchanged opinions under the look-back element of the OECD framework.
- The references to Revenue guidelines on the provision of opinions in sections 4.1 and 4.5 have been updated as appropriate.
- Contact details in section 4.8 have been updated.
- The list of countries in Annex 3 has been updated to reflect the fact that additional countries have joined the Inclusive Framework under the Base Erosion and Profit Shifting Project.
